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After Up and Down Week, Financing Rates End Almost Unchanged
According to a report released on Thursday, although mortgage rates saw several up and down movements throughout the week, they ended up almost exactly where they began.
The average rate for a 30 year fixed rate loan fell from 5.60% to 5.59%, while the 15 year fixed rate held steady at 4.92%.
The lack of a significant change hides the volatile up and down movement through the week, according to a national survey.
Consequently, investors have been going to safer government and mortgage backed bonds. Mortgage rates have very close ties with yields of long term govt. debt.
The report went on to predict this type of volatility to continue as economists expectations for a recovery remain low and economic data continues to show mixed results.
Mortgage rates remain significantly below this time last year, when the 30 year fixed rate mortgage was just above 6.4%.
At the present rate of 5.59%, monthly payments for a $200k mortgage would be just under $1,150, about $108 less than at this time in 2008.
Adjustable rate mortgages are reporting mixed results, according to the report, as the average 1 year ARM rose slightly, from 5.17% to 5.21% while the 5 year fell about the same, from 5.04% to 4.97%.
Marin Real Estate Blog
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